Trex shares rise on smaller 4Q loss
WINCHESTER, Va. (AP) — Exterior building material maker Trex Company Inc. on Tuesday reported a smaller fourth-quarter loss, helped by lower costs, despite a 10 percent drop in revenue.
Management said it expects sales to rise about 11 percent in the current quarter. The company's shares rose to their highest level in over eight years.
The Winchester, Va.-based company posted a loss of $3.6 million, or 22 cents per share, compared with a loss of $18.3 million, or $1.18 per share, in the same quarter the year before. Excluding one-time items, the company posted an adjusted loss of 13 cents per share for the recent quarter.
Revenue fell to $46.2 million from $51.5 million. But the company's cost of sales dropped 38 percent to $32.7 million.
For the full year 2012, Trex earned $2.7 million, or 16 cents per share, compared with a loss of $11.6 million, or 75 cents per share, in 2011. Revenue rose to $307.4 million from $266.8 million.
For the first quarter of 2013, the company said it expects its revenue to rise to $107 million.
Trex shares rose $2.03, or 5 percent, to $46.37 in afternoon trading, after peaking at $47.06 and marking their highest mark since November 2004. Over the past year, the company's shares have gained more than 70 percent.